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Economies; identify reasons for growth in importance

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The BRIC (Brazil, Russia, India and China) countries are increasingly important in international business. Describe the economy of the BRIC countries and identify reasons why the BRIC countries are growing in importance.

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Solution Summary

The expert identifies reasons for growth in importance. The economy of the BRIC countries are discussed.

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Who are the BRIC countries and why are they powerful?

Brazil, Russia, India and China are the emerging global economic powers and the reason that they are powerful is because over the past decade their economies have grown faster than those of developed countries of the West.

The current leaders of the countries that make up BRIC are:

Luiz Inácio Lula da Silva of Brazil, Dmitry Medvedev of Russia, Manmohan Singh of India and Hu Jintao of China These leaders have held two summit meetings, one in 2009 and the other in 2010, to discuss the global financial crisis and reforms to the world's financial and trade institutions.

Here are some facts about the BRIC countries.

The term BRICs was coined by US investment bank Goldman Sachs to describe the four key emerging economic powers, which the bank predicted would account for an increasingly greater share of the global economy.

Together they accounted for about 22 percent of the world economy in 2008, up from 16 percent a decade earlier, based on the widely followed measure of purchasing power parity.

Real economic growth from 1999 through 2008 averaged 9.75 percent in China, 7 percent in both India and Russia, and 3.3 percent in Brazil.

The global financial crisis led to a sharp contraction of the Russian economy in 2009 and a small contraction in Brazil, while India and China remained on a robust growth path.

The Organization for Economic Cooperation and Development expects the four economies to power ahead in the ...

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